The Finance Ministry disclosed that India’s GST collection for March 2024 reached a significant milestone, totaling Rs. 1.78 lakh crore, reflecting an impressive year-on-year growth of 11.5%. This achievement underscores the robustness of India’s economic recovery amidst ongoing challenges.
Furthermore, the fiscal year 2023-24 concluded with a noteworthy gross GST collection of Rs. 20.18 lakh crore, marking an 11.7% increase compared to the previous year. The Finance Ministry attributed this surge to a substantial rise in GST collection from domestic transactions, which witnessed a notable growth rate of 17.6%.
In a statement, the Finance Ministry highlighted the significance of FY 2023-24, with the total gross GST collection surpassing the Rs. 20 lakh crore mark, signifying a pivotal milestone in India’s fiscal landscape.
Also read: February GST Revenue Hits ₹1.68 Lakh Crore; Marking Fourth-Highest Monthly Collections
Moreover, the average monthly GST collection for the fiscal year stands at Rs. 1.68 lakh crore, indicating a substantial increase over the previous year’s average of Rs. 1.5 lakh crore, further solidifying the positive trajectory of GST revenue.
Additionally, the net GST revenue for FY 2023-24, standing at Rs. 18.01 lakh crore, demonstrates a commendable growth rate of 13.4% over the corresponding period last year, reflecting sustained momentum in GST collection.
These figures underscore the resilience and strength of India’s GST regime, contributing significantly to the country’s economic stability and growth trajectory amidst evolving global dynamics.
Breakdown of March 2024 GST Collections:
- Central Goods and Services Tax (CGST): Rs. 34,532 crore
- State Goods and Services Tax (SGST): Rs. 43,746 crore
- Integrated Goods and Services Tax (IGST): Rs. 87,947 crore
- IGST on Imported Goods: Rs. 40,322 crore
- Cess: Rs. 12,259 crore
- Cess on Imported Goods: Rs. 996 crore
Inter-Governmental Settlement:
- In March 2024, the Central Government settled Rs. 43,264 crore to CGST and Rs. 37,704 crore to SGST from the IGST collected.
- This translates to a total revenue of Rs. 77,796 crore for CGST and Rs. 81,450 crore for SGST for March 2024 after regular settlement.
- For the fiscal year 2023-24, the central government settled Rs. 4,87,039 crore to CGST and Rs. 4,12,028 crore to SGST from the IGST collected.
Sources: moneycontrol.com